Mirvac racing the clock at George Street

Listed property group
Mirvac
is racing to start demolition at its 190-200 George Street development site near Sydney’s Circular Quay.

It has asked for council permission to start demolition ahead of schedule so that the $230 million office project will be ready to accommodate its likely anchor tenants.

“With a tight construction program critical to the feasibility of the redevelopment of the site, the ability of the applicant to complete the project to suit likely anchor tenants, and achieving the resulting significant public benefits, it is critical Mirvac commences demolition works on the site by December 2012," said a JBA Planning report lodged this month with the City of Sydney Council on Mirvac’s behalf.

The project will include 43,269 square metres of floor space over 35 storeys, ground floor retail and cafe tenancies and public open space.

Mirvac has stage one development consent for the project. However, under the current provisions, a construction certificate for stage two must be issued before Mirvac can start demolition on the site, and the neighbouring 4 Dalley Street property. A detailed stage two development application is due to be submitted to council next month. The stage two DA will be based on a scheme by architects FJMT, which won a design competition for the project. Accountants Ernst & Young have been tipped to shift out of its World Square headquarters to anchor the development.

Mirvac is one of a number of developers with projects in the Sydney CBD vying for anchor tenants.

Commonwealth Property Office Fund and CBus are seeking a tenant to help get its $330 million 5 Martin Place redevelopment off the ground, after Commonwealth Bank shifted out of the property known as the Money Box building. Lend Lease is still trying to win tenants for the three towers at its $6 billion Barangaroo South project, with accounting firm KPMG and Westpac Bank among potential occupants. Forward works on the first of three towers are advancing, while plans for the two other towers were approved by the NSW state government last month.